PERTH (miningweekly.com) – Junior Golden Cross Resources is hoping to raise some A$2.45-million to fund a prefeasibility study (PFS) on its Copper Hill copper-gold project, in New South Wales.
The company on Tuesday said it would place up to 20-million shares, priced at no less than 7c each, to raise an initial A$1.4-million. The placement shares would have one free attaching option for every two shares issued.
Bonus options would also be issued on the basis of one bonus option for every two shares held on the record date of December 23.
Golden Cross also noted that contracts for services to conduct the PFS would be funded through the issue of up to 15-million shares, valued at no less than 7c a share.
To date, the company has agreed the essential commercial terms with Simulus Group for services with respect to the PFS, for a fixed price of A$700 000 to be in part satisfied through the issue of five-million shares, subject to final documentation and shareholder approval.
The junior said negotiations with other service providers for the PFS would be undertaken in consideration for shares at the prevailing market price at the time the service was provided.
The PFS was expected to build on a previously completed scoping study and would investigate the viability of a two-million- to three-million-tonne-a-year mining and processing operation.
The study was earmarked for completion in 9 to 12 months from shareholders approving the funding package.